Close, but no シガー
Mar 25, 2012, 1:15 am
#1
Original Poster
Join Date: Feb 2003
Location: New York City
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Posts: 2,833
Close, but no シガー
You'd think that with all the stock photography of Tokyo, a b-school would actually manage to stick "Tokyo" on top of a photograph of Tokyo, no?
http://www.chicagobooth.edu/gls/sche...-23-tokyo.aspx
http://www.chicagobooth.edu/gls/sche...-23-tokyo.aspx
Mar 25, 2012, 3:13 am
#4
FlyerTalk Evangelist
Join Date: Jul 2001
Location: Boston, Jo'burg, HK
Programs: AA EXP, Hyatt Lifetime Diamond, CX Gold, Mrs. Pickles travels for free
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Maybe the website designers were too busy trying to understand what "Discount-rate variation is currently the central organizing question of asset-pricing research. Previously, we thought returns were unpredictable, and variation in asset values corresponded to changes in expected cashflows. Now it seems all valuation changes correspond to discount-rate variation. We thought that the cross-section of expected returns was described by the capital asset pricing model. Today, the alpha-beta distinction is falling apart in a menagerie of 'exotic betas.' The financial crisis really was about a big rise in risk premiums - discount rates. Recognizing discount-rate variation dramatically changes finance applications, including portfolio theory, accounting, capital structure, compensation, and macroeconomics" really means, and how did we go through 40 years of financial theory before discovering warm water, something that a mindless floor trader could have told you since the days of the buttonwood tree.
Mar 25, 2012, 2:11 pm
#5
Moderator: Luxury Hotels and FlyerTalk Evangelist
Join Date: Sep 2002
Location: Palo Alto, California,USA
Posts: 17,854
Maybe the website designers were too busy trying to understand what "Discount-rate variation is currently the central organizing question of asset-pricing research. Previously, we thought returns were unpredictable, and variation in asset values corresponded to changes in expected cashflows. Now it seems all valuation changes correspond to discount-rate variation. We thought that the cross-section of expected returns was described by the capital asset pricing model. Today, the alpha-beta distinction is falling apart in a menagerie of 'exotic betas.' The financial crisis really was about a big rise in risk premiums - discount rates. Recognizing discount-rate variation dramatically changes finance applications, including portfolio theory, accounting, capital structure, compensation, and macroeconomics" really means, and how did we go through 40 years of financial theory before discovering warm water, something that a mindless floor trader could have told you since the days of the buttonwood tree.